Retirement Calculator

Published: 5/14/2021 Last updated: 5/14/2021

Retirement Calculator Definition

Thinking about your retirement or getting close to retiring and wondering how much you will have to retire on? This retirement calculator will help you find your amount you need to save for retirement. The main purpose of a retirement calculator is to get you ready for your retirement and not be so overwhelming with savings and money.

This retirement calculator is great for single people, married couples and partners who are working and planning on retirement soon. Within a few minutes you will have your information your looking for. Below we will tell you step by step on how to find you're savings.

1. Fill in your current age followed by the age that you plan to retire on.

2. Add your desired annual income for retirement.

3. Add your current pension fund value.

4. Next add the current pension monthly contribution.

5. Add the annual pension assets growth risk percentage.

6. Enter your projected value of your pension fund at retirement.

7. Next will be your expected annuity rate at retirement.

8. Projected gross pension income without tax free lump sum.

9. Enter in your projected gross pension income after taking tax-free lump sum.

10. Add the required value of pension fund at retirement after tax-free lump sum of 0% deducted.11. Following with gross pension income shortfall per year.12. The pension fund shortfall is next.

13. Lastly enter the extra monthly contributions required to make up shortfall.